{"id":562601,"date":"2026-04-03T18:02:15","date_gmt":"2026-04-03T18:02:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/562601\/"},"modified":"2026-04-03T18:02:15","modified_gmt":"2026-04-03T18:02:15","slug":"rising-rates-global-tensions-slow-western-washingtons-spring-housing-market","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/562601\/","title":{"rendered":"Rising rates, global tensions slow western Washington\u2019s spring housing market"},"content":{"rendered":"

As the spring homebuying season gets underway, a mix of rising mortgage rates, global instability, and economic uncertainty is cooling what is typically one of the busiest times of year for real estate in western Washington.<\/p>\n

According to\u00a0Freddie Mac<\/a>, the average rate for a 30-year fixed mortgage climbed to 6.46% on Thursday, up from 6.38% last week. It\u2019s another increase that is adding pressure to the market. While spring is often associated with a surge in listings and buyer activity, local real estate experts say this year is shaping up differently.<\/p>\n

\u201cSpring is usually what we call \u2018fling spring\u2019 for a reason,\u201d Kristine Milkovich, broker with The Milkovich Team<\/a>, said. \u201cBut our numbers are just down.\u201d<\/p>\n

Milkovich said affordability is a key factor. As mortgage rates rise, buyers\u2019 purchasing power shrinks, forcing people to reconsider what they can afford.<\/p>\n

Other concerns are also weighing on consumer confidence. The ongoing conflict in Iran, rising gas and food prices, plus a wave of layoffs\u2014particularly in the tech sector\u2014are contributing to a sense of unease among potential buyers.<\/p>\n

\u201cRegardless of what side of the pond you\u2019re on with politics, it is affecting our everyday person\u2014our mental state, our emotional state, our ability to feel confident. \u201d Milkovich said. \u201cI think most consumers are like, \u2018Let\u2019s just hang tight here for a minute and see what comes in these next few weeks,\u2019\u201d she said.<\/p>\n

That hesitation is having a measurable impact on the market.\u00a0Redfin data showed<\/a> properties in Pierce County, for example, are staying on the market for about 56 days before they sell \u2014 roughly double the time compared to last year. King and Snohomish counties are also seeing longer median days on the market.<\/p>\n

For sellers, that can mean fewer offers and longer wait times. But for buyers, the shift may present new opportunities, including more inventory and increased negotiating power.<\/p>\n

Milkovich said what buyers are seeing really depends on the neighborhood.<\/p>\n

\u201cI personally got a buyer into a home in Everett five days ago, and it was multiple offers. So when we talk about this fear and this trepidation and the numbers being slower, it doesn\u2019t mean every home, every street,\u201d she said.<\/p>\n

Despite the uncertainty, Milkovich reminds buyers \u2013 if you can swing it, property is a good investment.<\/p>\n

\u201cIf you have the down payment, and you have a job that you feel even an ounce of security in, and you can cover that monthly bill \u2026 chances are it\u2019s going to be the best decision you\u2019ve ever made financially,\u201d she said. \u201cIn all my years, I\u2019ve never had a client say they regret buying their home.\u201d<\/p>\n

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